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Purchasing a Finished Good!

Learn about your options when purchasing finished goods, including normal goods, generic goods, substitute goods, and complementary goods. Understand the differences in quality, pricing, and brand recognition to make informed buying decisions.

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Purchasing a Finished Good!

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  1. Purchasing a Finished Good! … what are your options?

  2. Normal Goods: • A.k.a. “name brands or brand-name goods” • “superior goods” that are considered non-generic, specialized goods and often recognized as being of superior quality • Quality determined by resources used to develop product as well as designer/producer providing the good….reputation of the company • Often more expensive

  3. Generic Goods: • A.k.a. “inferior good” • A type of substitute good that generally saves a consumer money compared to buying a normal good • Not necessarily a lesser quality product but often times considered so because of its name • Today generics are more likely to be store brands

  4. Substitute Goods: • A replacement good for a specific normal good • PLEASE NOTE THIS DOES NOT HAVE TO BE GENERIC!!! • Simply a lower priced alternative • Taste • NIKE vs. New Balance • Pepsi vs. RC Cola • Honey vs. Sugar

  5. Complementary Goods: • Regardless of being a normal good or a generic good, a finished product will typically have another finished product that it meshes or goes well with • These goods “complement” or further enhance the other good • Also consider accessories (IPods, Wii, etc.) • Examples: Peanut Butter & Jelly Milk, Cereal, & Bananas

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